Official confirmation
Turkey’s Justice Minister Akın Gürlek confirmed on Saturday, Oct. 17, that Richard James Schueler, known as Richard Heart, was detained in an Oct. 14 operation in Istanbul’s Beşiktaş district. It is the first official acknowledgment of the detention and gives more detail than earlier Turkish media reports. Gürlek said Schueler, a U.S. citizen reported to have an INTERPOL red notice over allegations of a $1 billion cryptocurrency fraud in the United States and Finland, was apprehended and taken into custody in Istanbul. Schueler is the American entrepreneur behind HEX, Pulsechain and Pulsex. His wife was detained with him. Three other men, described as his bodyguards, were later apprehended. Investigators searched 15 properties across Beşiktaş, Üsküdar and Sarıyer, working with Turkish police intelligence, financial crime investigators and the country’s National Intelligence Organization.
Cash, wallets and luxury goods seized
The inventory released by Gürlek reads like an expensive shopping list. Investigators reported recovering about $7.15 million in U.S. currency, 160,000 Turkish lira and six cryptocurrency cold wallets, which are devices used to secure digital assets. Several luxury vehicles were impounded. Authorities also listed 300 bags, 100 pairs of shoes, 136 pairs of glasses, 28 watches and 97 pieces of jewelry and other valuables. Police recovered 29 phones, 12 laptops, 11 computer cases, 19 storage drives, 46 USB devices, 19 graphics cards, seven firearms and 1,400 rounds of ammunition. Gürlek said judicial proceedings regarding the suspects and examinations of the seized materials are ongoing. Authorities have not disclosed the contents or possible value of the six cold wallets. Heart’s supporters believe Turkey is being unfair and say he would receive a fairer and more informed process in the United States. That claim has not been tested in court.
Finnish red notice and SEC case
Schueler’s detention follows an Interpol Red Notice requested by Finland, where authorities have investigated allegations of aggravated tax fraud involving hundreds of millions of euros. Finnish authorities have also previously identified a separate alleged assault involving a minor. Neither allegation is a conviction, and a Red Notice is not an international arrest warrant. Schueler previously won a separate American regulatory dispute. The U.S. Securities and Exchange Commission sued him in 2023 over alleged unregistered cryptocurrency offerings exceeding $1 billion. A federal judge dismissed that case in February 2025 on jurisdictional grounds, and the SEC declined to amend its complaint. Gürlek said Turkey would not be viewed as a safe harbor for evading justice and promised to continue international cooperation against transnational crime. Five individuals remain subject to judicial proceedings. There is no publicly confirmed extradition filing or court disposition, and the contents of the six cryptocurrency wallets remain undisclosed. Perhaps the wallet question will matter most as the case moves forward.
